Rio Amarillo Mining drill-tests gold prospect in central Peru

A 400-metre program of diamond drilling is under way on the Aija gold prospect in central Peru.

Rio Amarillo Mining (VSE) is drilling seven holes in an effort to test a geochemical anomaly. Spot sampling has indicated the presence of gold in tourmaline breccia zones.

At the same time, a geophysical survey is attempting to assess areas of poor surface exposure.

Meanwhile, Rio has received US$1.25 million from the Peruvian subsidiary of Phelps Dodge (NYSE) under an option agreement affecting the Candelaria copper concession in southern Peru.

Phelps can acquire Rio’s underlying option on the mining rights by paying an additional US$1.5 million by the end of 1996 and US$2 million by the end of 1997.

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